Good things often come to those who wait.
It took more than a year to negotiate the sale of Factory Square, a 43-unit apartment building with six commercial spaces at 12 Water St., but when the deal was done the $14 million sale price was the largest in Mystic's recent history.
The judges who know the local market best awarded the deal an Impact Award for setting a new bar for commercial real estate sales in the seaport village.
Worcester, Massachusetts, investor Karim "Ed" Jouki plans to make improvements to the property but not change its use, according to a local press report. CoStar data shows Jouki owns several apartment buildings and offices in the Northeast.
About the Property: The property was originally constructed in 1864 and sits on 1.67 acres.
What the Judges Said: “The complexity and strategic importance of this sale, coupled with its anticipated influence on future transactions and property values, mark it as a pivotal development in the region,” the judges wrote in an unsigned statement.
They Made It Happen: Tim Bray, a broker with Seaport Commercial, represented the buyer, and his colleague at the firm, Mantas Laureckis, handled the listing.
CoStar Market Manager Coleman Applegate contributed.